GASB 34 specifies two criteria for determining major governmental funds to be reported separately in the Governmental Fund Balance Sheet and Statement of Revenues,Expenditures,and Changes in Fund Balances.To be considered a major governmental fund,a fund must:

Question

Quizplus · Accepted Answer

According to GASB 34, for a fund to be considered a major governmental fund, it must either be the general fund or meet two criteria. Therefore, option C is the correct answer as it includes both possibilities. Options A and B are incorrect as they do not consider the possibility of a fund meeting two criteria to be classified as a major governmental fund.

GASB 34 Specifies Two Criteria for Determining Major Governmental Funds